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Securities (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Debt Securities, Available-for-Sale and Held-to-Maturity | The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities available-for-sale and held-to-maturity at September 30, 2024 and December 31, 2023 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Securities Credit Losses
At September 30, 2024 |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 60,860 |  |  | $ | 12 |  |  | $ | (4,179) |  |  | $ | 56,693 |  |  | $ | — |
Corporate debt securities | 15,967 |  |  | 38 |  |  | (795) |  |  | 15,210 |  |  | — |
Asset-backed securities | 251,986 |  |  | 294 |  |  | (147) |  |  | 252,133 |  |  | — |
Mortgage-backed securities (“MBS”): |  |  |  |  |  |  |  |  |
Agency residential | 489,515 |  |  | 1,427 |  |  | (195) |  |  | 490,747 |  |  | — |
Agency commercial | 108,865 |  |  | — |  |  | (11,895) |  |  | 96,970 |  |  | — |
Total mortgage-backed securities | 598,380 |  |  | 1,427 |  |  | (12,090) |  |  | 587,717 |  |  | — |
Total debt securities available-for-sale | $ | 927,193 |  |  | $ | 1,771 |  |  | $ | (17,211) |  |  | $ | 911,753 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |
State and municipal debt obligations | $ | 203,822 |  |  | $ | 296 |  |  | $ | (10,668) |  |  | $ | 193,450 |  |  | $ | (34) |
Corporate debt securities | 66,721 |  |  | 508 |  |  | (1,378) |  |  | 65,851 |  |  | (763) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 703,899 |  |  | 2,299 |  |  | (54,907) |  |  | 651,291 |  |  | — |
Agency commercial | 81,137 |  |  | 10 |  |  | (3,435) |  |  | 77,712 |  |  | — |
Non-agency commercial | 20,454 |  |  | — |  |  | (977) |  |  | 19,477 |  |  | (105) |
Total mortgage-backed securities | 805,490 |  |  | 2,309 |  |  | (59,319) |  |  | 748,480 |  |  | (105) |
Total debt securities held-to-maturity | $ | 1,076,033 |  |  | $ | 3,113 |  |  | $ | (71,365) |  |  | $ | 1,007,781 |  |  | $ | (902) |
Total debt securities | $ | 2,003,226 |  |  | $ | 4,884 |  |  | $ | (88,576) |  |  | $ | 1,919,534 |  |  | $ | (902) |
At December 31, 2023 |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 66,490 |  |  | $ | — |  |  | $ | (5,796) |  |  | $ | 60,694 |  |  | $ | — |
Corporate debt securities | 10,096 |  |  | 11 |  |  | (981) |  |  | 9,126 |  |  | — |
Asset-backed securities | 295,796 |  |  | — |  |  | (4,252) |  |  | 291,544 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 298,107 |  |  | 183 |  |  | (97) |  |  | 298,193 |  |  | — |
Agency commercial | 109,590 |  |  | — |  |  | (15,255) |  |  | 94,335 |  |  | — |
Total mortgage-backed securities | 407,697 |  |  | 183 |  |  | (15,352) |  |  | 392,528 |  |  | — |
Total debt securities available-for-sale | $ | 780,079 |  |  | $ | 194 |  |  | $ | (26,381) |  |  | $ | 753,892 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |
State and municipal debt obligations | $ | 222,009 |  |  | $ | 251 |  |  | $ | (14,550) |  |  | $ | 207,710 |  |  | $ | (39) |
Corporate debt securities | 69,809 |  |  | 391 |  |  | (3,941) |  |  | 66,259 |  |  | (987) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 765,632 |  |  | 901 |  |  | (70,040) |  |  | 696,493 |  |  | — |
Agency commercial | 82,734 |  |  | 10 |  |  | (3,678) |  |  | 79,066 |  |  | — |
Non-agency commercial | 20,684 |  |  | — |  |  | (1,774) |  |  | 18,910 |  |  | (107) |
Total mortgage-backed securities | 869,050 |  |  | 911 |  |  | (75,492) |  |  | 794,469 |  |  | (107) |
Total debt securities held-to-maturity | $ | 1,160,868 |  |  | $ | 1,553 |  |  | $ | (93,983) |  |  | $ | 1,068,438 |  |  | $ | (1,133) |
Total debt securities | $ | 1,940,947 |  |  | $ | 1,747 |  |  | $ | (120,364) |  |  | $ | 1,822,330 |  |  | $ | (1,133) |
Schedule of Allowance for Credit Losses for Debt Securities Held-to-Maturity | The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three and nine months ended September 30, 2024 and 2023 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Allowance for securities credit losses |  |  |  |  |  |  |
Beginning balance | $ | (958) |  |  | $ | (964) |  |  | $ | (1,133) |  |  | $ | (1,128) |
Benefit for credit losses | 56 |  |  | 32 |  |  | 231 |  |  | 196 |
Total ending allowance balance | $ | (902) |  |  | $ | (932) |  |  | $ | (902) |  |  | $ | (932) |
Schedule of Amortized Cost of Debt Securities Held-to-Maturity, Aggregated by Credit Quality Indicator | Under this approach, the amortized cost of debt securities held-to-maturity at September 30, 2024, aggregated by credit quality indicator, are as follows (in thousands):
| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
As of September 30, 2024 |  |  |  |  |
State and municipal debt obligations | $ | 202,983 |  |  | $ | 839 |  |  | $ | 203,822 |
Corporate debt securities | 52,730 |  |  | 13,991 |  |  | 66,721 |
Non-agency commercial MBS | 20,454 |  |  | — |  |  | 20,454 |
Total debt securities held-to-maturity | $ | 276,167 |  |  | $ | 14,830 |  |  | $ | 290,997 |
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost and estimated fair value of debt securities at September 30, 2024 by contractual maturity are shown below (in thousands):
September 30, 2024 | Amortized Cost |  | Estimated Fair Value
Less than one year | $ | 32,613 |  |  | $ | 32,323 |
Due after one year through five years | 188,400 |  |  | 179,988 |
Due after five years through ten years | 223,941 |  |  | 220,655 |
Due after ten years | 154,402 |  |  | 150,371 |
| $ | 599,356 |  |  | $ | 583,337 |
Schedule of Estimated Fair Value and Unrealized Losses for Debt Securities Available-for-Sale and Held-to-Maturity | The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at September 30, 2024 and December 31, 2023, segregated by the duration of the unrealized losses, are as follows (in thousands):
| Less than 12 months |  | 12 months or longer |  | Total
| Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
At September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 2,103 |  |  | $ | (6) |  |  | $ | 50,871 |  |  | $ | (4,173) |  |  | $ | 52,974 |  |  | $ | (4,179) |
Corporate debt securities | 4,788 |  |  | (54) |  |  | 5,988 |  |  | (741) |  |  | 10,776 |  |  | (795) |
Asset-backed securities | 42,325 |  |  | (40) |  |  | 89,004 |  |  | (107) |  |  | 131,329 |  |  | (147) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 143,284 |  |  | (195) |  |  | — |  |  | — |  |  | 143,284 |  |  | (195) |
Agency commercial | — |  |  | — |  |  | 96,970 |  |  | (11,895) |  |  | 96,970 |  |  | (11,895) |
Total MBS | 143,284 |  |  | (195) |  |  | 96,970 |  |  | (11,895) |  |  | 240,254 |  |  | (12,090) |
Total debt securities available-for-sale | 192,500 |  |  | (295) |  |  | 242,833 |  |  | (16,916) |  |  | 435,333 |  |  | (17,211) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations | 5,041 |  |  | (361) |  |  | 175,161 |  |  | (10,307) |  |  | 180,202 |  |  | (10,668) |
Corporate debt securities | — |  |  | — |  |  | 38,713 |  |  | (1,378) |  |  | 38,713 |  |  | (1,378) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | — |  |  | — |  |  | 514,518 |  |  | (54,907) |  |  | 514,518 |  |  | (54,907) |
Agency commercial | 1,276 |  |  | (10) |  |  | 73,251 |  |  | (3,425) |  |  | 74,527 |  |  | (3,435) |
Non-agency commercial | — |  |  | — |  |  | 19,477 |  |  | (977) |  |  | 19,477 |  |  | (977) |
Total MBS | 1,276 |  |  | (10) |  |  | 607,246 |  |  | (59,309) |  |  | 608,522 |  |  | (59,319) |
Total debt securities held-to-maturity | 6,317 |  |  | (371) |  |  | 821,120 |  |  | (70,994) |  |  | 827,437 |  |  | (71,365) |
Total debt securities | $ | 198,817 |  |  | $ | (666) |  |  | $ | 1,063,953 |  |  | $ | (87,910) |  |  | $ | 1,262,770 |  |  | $ | (88,576) |
At December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 833 |  |  | $ | (2) |  |  | $ | 59,861 |  |  | $ | (5,794) |  |  | $ | 60,694 |  |  | $ | (5,796) |
Corporate debt securities | 1,543 |  |  | (165) |  |  | 6,116 |  |  | (816) |  |  | 7,659 |  |  | (981) |
Asset-backed securities | — |  |  | — |  |  | 291,544 |  |  | (4,252) |  |  | 291,544 |  |  | (4,252) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 169,000 |  |  | (97) |  |  | — |  |  | — |  |  | 169,000 |  |  | (97) |
Agency commercial | — |  |  | — |  |  | 94,335 |  |  | (15,255) |  |  | 94,335 |  |  | (15,255) |
Total MBS | 169,000 |  |  | (97) |  |  | 94,335 |  |  | (15,255) |  |  | 263,335 |  |  | (15,352) |
Total debt securities available-for-sale | 171,376 |  |  | (264) |  |  | 451,856 |  |  | (26,117) |  |  | 623,232 |  |  | (26,381) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations | 6,671 |  |  | (23) |  |  | 191,511 |  |  | (14,527) |  |  | 198,182 |  |  | (14,550) |
Corporate debt securities | 3,084 |  |  | (473) |  |  | 58,386 |  |  | (3,468) |  |  | 61,470 |  |  | (3,941) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 95,776 |  |  | (693) |  |  | 525,751 |  |  | (69,347) |  |  | 621,527 |  |  | (70,040) |
Agency commercial | 18,902 |  |  | (370) |  |  | 55,051 |  |  | (3,308) |  |  | 73,953 |  |  | (3,678) |
Non-agency commercial | — |  |  | — |  |  | 18,910 |  |  | (1,774) |  |  | 18,910 |  |  | (1,774) |
Total MBS | 114,678 |  |  | (1,063) |  |  | 599,712 |  |  | (74,429) |  |  | 714,390 |  |  | (75,492) |
Total debt securities held-to-maturity | 124,433 |  |  | (1,559) |  |  | 849,609 |  |  | (92,424) |  |  | 974,042 |  |  | (93,983) |
Total debt securities | $ | 295,809 |  |  | $ | (1,823) |  |  | $ | 1,301,465 |  |  | $ | (118,541) |  |  | $ | 1,597,274 |  |  | $ | (120,364) |
Schedule of Realized and Unrealized Gains or Losses on Equity Securities | The realized and unrealized gains or losses on equity securities for the three and nine months ended September 30, 2024 and 2023 are shown in the table below (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net gain (loss) on equity investments | $ | 1,420 |  |  | $ | 1,452 |  |  | $ | 4,230 |  |  | $ | (5,908) |
Less: Net losses recognized on equity investments sold | — |  |  | — |  |  | — |  |  | (5,462) |
Unrealized gains (losses) recognized on equity investments still held | $ | 1,420 |  |  | $ | 1,452 |  |  | $ | 4,230 |  |  | $ | (446) |

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